John Swinney: We’ve all lost £900 due to Westminster

John Swinney: 'We are doing OK but could do much better'. Picture: Jane Barlow

SCOTT MACNAB

SCOTLAND could have missed out on economic growth worth more than £900 per person as a result of Westminster’s handling of the economy, Scottish finance secretary John Swinney has claimed.

He said that while Scotland was “wealthy and productive”, the country’s economy could have performed better if it had been independent. “Sticking with the status quo” and remaining in the UK had seen Scotland “lose out on significant opportunities for growth, job creation and increased wealth”.

The finance secretary spoke as the Scottish Government was preparing to publish a report on the economic powers leaving the UK would give the country and how it believes these could be used to boost growth and jobs north of the Border. The paper, to be published tomorrow, will state that if the Scottish economy had grown at the same rate as other small, independent nations between 1977 and the start of the recession in 2007, GDP per capita would be 3.8 per cent higher than it is now – the equivalent of £900 per person.

Mr Swinney added: “We are doing OK but we could do so much better. As these figures demonstrate, Scotland may have missed out on economic growth worth more than £900 a head as a result of London economic management and not being able to take the same approach as other independent countries in supporting our economy.

“Sticking with the status quo has seen Scotland lose out on significant opportunities for growth, job creation and increased wealth that could have transformed Scotland’s economy and reduced inequality.”